We may be more careful about our energy use but taking a decision to invest in renewable energy is still a big decision. Solar panels installed in an average three-bedroom house can cost more than £5000 which is a significant outlay.
Let’s delve into five compelling reasons why investing in your own electricity generation could be a game-changer for your home and the environment.
Saving Money on a High-Cost Bill
As with any home improvement, we must weigh up the value of the investment. Some improvements offer the pleasure of living in a more beautiful place to live. It is also an essential part of the maintenance of the property, preventing that awful label of “tired”.
Investing in solar panels is a different proposition. While the upfront costs are high, the potential to save money on your energy bills balances this investment. The same three-bedroom house will likely save £400 a year on energy costs. It is likely that in just over ten years, the panels will have paid for themselves.
As the standard lifetime of panels is about 20 years, you may begin to save more money than you spent.
Earning Money From Energy Suppliers
Energy suppliers will pay for excess energy exported back to the grid. Most homes are estimated to only use 20% of the power generated. Some of the excess can be stored in batteries for future use, such as at night or in winter months. The rest of the energy can then be sold, which means the initial cost of installation is returned even quicker.
House Price Boost?
It is not sure if installing solar panels will increase the value of your house. When installing a new kitchen or building an extension, you can be sure that much of the outlay will be returned when you sell up. However, it is not so clear-cut with solar panels.
Some estate agents point to the poor visual aesthetic of panels on some homes and believe it can hinder the sale. Other agents note that improving the efficiency of running the home makes it a more desirable property. There are estimates between 4 and 14% increase in house value due to the savings made on energy bills.
As with anything that is impacted by market forces, the valuation might vary depending on the current state of energy prices and how much it is in the news.
A Greater Peace of Mind
When making this investment, you are likely paying more for peace of mind than for the change in your house. The level of uncertainty over the cost of energy and how high bills will spike can make home ownership incredibly stressful. By generating your electricity, you reduce the potential for considerable differences in your monthly outlay.
Often, an intangible, such as a greater sense of control over your finances, is more valuable than any physical outcome of the decision.
We All Need to Play a Part.
The final reason to invest in solar panels is our responsibility to the future of our planet. By continuing to add to the problem by using oil, gas, or coal, we are part of the problem of a changing climate and ever-increasing extreme weather.
Indeed, one household cannot hope to be the difference in the overall trends, but it is also suitable to say that each household can stop being part of the problem. Through individual responsibility and action, each of us can play our part.
